(Note: This applies to residential customers; business customers should contact us for more info.)
Customers often ask us about security deposits. We require a deposit – normally in cash – to secure your outstanding account balance. The amount of the deposit is based upon the type of heat at your residence or its history of electric usage. We typically require deposits from customers who are either new to AEP Ohio or have had trouble paying their bills on time.
Do I have other options?
In lieu of a cash deposit you may provide either:
- A guarantor who agrees in writing to be financially responsible for some portion of your account. The guarantor must meet certain guidelines to qualify.
- A letter from another utility showing on-time payment for at least twelve months.
Will I earn interest on my cash deposit?
Yes. As long as we hold your deposit for least six months, you’ll earn interest at a rate of 3% per year from the date you paid your deposit.
Will I get my deposit and interest back?
Your deposit plus interest will be applied to your account after one year, provided no more than two bills were paid late. If any bills are paid more than 30 days past their due date then the deposit and interest won’t be applied.
If you close your account, any remaining deposit plus interest will be applied to your final AEP Ohio bill. (Interest is earned after a deposit is held six months.)
More questions? Please contact our Customer Solutions Center at (800) 672-2231.
20 responses to “Why Do I Have to Pay a Security Deposit?”
How much is the deposit on average?
Hi Monica. So sorry for the delay in responding. The deposit is based on the usage history at the address where the service request is placed. For residential service, the minimum deposit is $75 for homes with non-electric heat and $155 for homes that use electric heating. For more details, please check out these FAQs: https://www.aepohio.com/account/service/SecurityDeposits.aspx
I set up a business account at the end of October to be effective on the first of November. I was then informed by the lady that helped set this up that the deposit was not required up front and that it could be paid in installments of $100 over 4 months starting this December. The fact that AEP shut my power off today, WITH NO NOTICE, and has lost me thousands in sales putting my employees livelihoods in jeopardy shows that I was lied to. You need to retrain your accounts department to give correct information, make sure they are giving notices to customers when issues arise, and not hang up on said customer when they call to rectify a screw up your employees caused in the first place.
Hi Robert. I am very sorry to hear about this. I don’t know what happened but I can tell you we are now looking into it. A customer service representative will be in touch with you soon. Thanks for notifying us.
If I am transferring service to say, next door, will I have to pay an additional security deposit?
I have lived at my current address for 3 months, and I have just finished paying off my security deposit. So, I was wondering if moving next door to a relatives previous address will cause me to have to pay another security deposit on my electric account.
Good question, Brandon. If you’re transferring service, the deposit will transfer to the new address. The best way to ensure this is to apply for the new address and close the existing address at the same time.
If you’re going to have both accounts in your name, you’ll need to to provide a deposit for the second account. Typically we require about a 12 months of prompt payments to establish creditworthiness, so your standing will be affected by your service history first account. Hope that helps!
If we sign as guarantor for our son to start service at his apartment, how long do we remain responsible for his service? Thanks
Hi Shane. Thanks for asking. The guarantor is in effect until the customer pays 10 of 12 bills on time. Hope that helps — have a great day!
I was trying to contact AEP to stop my service and get my deposit, since I am overseas at the moment.
I used the e-mail you provided, but was not working. could you please, provide me with a “good” e-mail address? By the way, an 800 number will not help.
Sure, we can help! The easiest way to process this request is to go here: https://aepohio.com/contact/
Hi there can I use some of the material found in this entry if I provide a link back to your site?
Hi Japan. We’d like to know a little more about what you’re hoping to use this material for. Please send us an email at firstname.lastname@example.org if you have questions.
I just started service at my new place for the first time. I was told I have 10 days to pay the deposit will the service be up and running before the deposit is paid
Hi Breyana. Thanks for asking. Yes, new service will start on the day your account is opened and scheduled. You have 10 calendar days to pay the deposit amount in full or service will be disconnected.
I would like to pay the deposit for my grandson.. i have the name and the account number only
Hi Mary. Please give us a call at (800) 672-2231 and we should be able to help.
Got divorced. Been paying bill for over a year. Can i get this transferred to my name without another deposit?
Hi there. Please give us a call at (800) 672-2231 and we can take a closer look at your account.
Can I pay the deposit with a bank account?
Hi Emily. Please give us a call at 800-672-2231 to discuss billing options.